how to get fantastic idea off the ground

[furbenstein]

I've often tried to come up with the idea that will make me rich and throughout the years I've always analyzed an idea which looked good at start but then found too many holes in the idea. Well, the idea is finally here and NO HOLES! I'm just an average guy and do not have a business education. I need some advice on how I should tackle this situation in the most profitable way for me.
I won't discuss the idea (for fear the idea will be stolen), but will say that it is something that needs to be built by professionals that are involved in electronics/wireless devices.

If you had a great idea and no money, how would you approach this situation?

-Also, I would like to know if there is a way to find out if any large firms in the idustry our already developing the same idea?

thanks for any advice,
fb

[zidev]

It is always best to start working on a genius idea yourself. If you find success, hire additional employess.

As far as finding whether another company is developing the idea...you don't really need to. If its patentable, you might check with the patent office (and nearly anything is patenable) to be sure you won't get sued. If it isn't, carry on. A large business would probably buy you out if you're successful.

-- HW

[Haddy]

There are firms that will help people develop a product for a % of the profits..

I know this isnt alot of help but you may want to google the situation...

[datums]

How about you generate a business plan?
Don't know how to?
http://www.sba.gov/starting_business/planning/basic.html

There are many other resources on the web, you need to do your research.

Its free.

With the business plan you can approach banks for $$$.

This would be just a start.

[tranz]

With the business plan you can approach banks for $$$.

This would be just a start.

Banks have been there and done that. i.e. Dot com blowup.

Now the business has to be in business for at least 2 years, have clients and a fleshed out management team.

In the good old days, someone could say I have a great idea I need $20MM to make it work and they would have it within a few weeks. Now investors and banks want to see the substance of the idea.

You need to have a group of people that are a lot smarter then you are. You might be the one with the idea but others will be needed to take it somewhere.

If its a product then get a provisional patent ($700) its good for 12 months. Within that time you have to have the product or prototype completed and have applied for a real patent. If not then you will lose the provisional and be at square one. When you get the provisional you can then shop the idea to larger companies that might be willing to take it under its wing. If this happens you HAD BETTER get the real patent as they will then take it from you when the provisional is up. This way if things go well you work out a deal to get paid on the idea, a royalty, leaving the rest of the hard work such as manufacturing to the big guy as well as marketing etc.

[furbenstein]

thanks for all the info folks.